JPM To Buy Out WaMu

From CNN.

For me there was a real sense that WaMu was close to being on FDIC's list tomorrow, so it was good for WaMu to have a suitor.

We'll see if the deal is consummated...

[UPDATE] According to CR, it looks like WaMu shareholders are more or less wiped out.
[UPDATE 2] WaMu Holding Co still made it to FDIC's failed bank list.

Basically, WaMu has ceased to exist:

All deposit accounts and all loans have been transferred to JPMorgan Chase Bank, National Association, Columbus, Ohio (JPMorgan Chase Bank). All former Washington Mutual Bank will reopen for normal business hours as branches of JPMorgan Chase Bank.

[UPDATE 3] JPM Expects US housing prices to decline by 25%-37%